Net Worth and Salary
| Net Worth | Salary | Birthdate | Birthplace | Gender | Height | Profession | Nationality |
|---|---|---|---|---|---|---|---|
| $150 million | $1 a year | October 15, 1924 | Allentown, Pennsylvania | Male | N/A | Businessman, Philanthropist, Author | American |
Highlights
Lee Iacocca was an American businessman and philanthropist who had a net worth of $150 million at the time of his death in 2019. He was best known for his work at Ford Motor Company, where he helped develop iconic cars such as the Ford Mustang and Ford Pinto. After being fired from Ford, he became the president and CEO of the Chrysler Corporation, where he successfully revived the company in the 1980s. Iacocca was also known for his philanthropic work and his role as an author.
Early Life
Lee Iacocca was born on October 15, 1924, in Allentown, Pennsylvania. He was the son of Italian-American parents and grew up in a family that operated a restaurant called Yocco’s Hot Dogs. Iacocca attended Allen High School and went on to study industrial engineering at Lehigh University. He later obtained a master’s degree in mechanical engineering from Princeton University in 1946.
Career
After completing his education, Iacocca joined the Ford Motor Company as an engineer. He quickly moved up the ranks and gained recognition for his successful “56 for ’56” campaign, which offered attractive financing options for customers. He eventually became the vice president and general manager of Ford and played a key role in the development of the Ford Mustang, Ford Pinto, and Continental Mark III. However, he was fired from Ford in 1978 after clashes with Henry Ford II.
Following his departure from Ford, Iacocca joined the struggling Chrysler Corporation as its president and CEO. He successfully revived the company by introducing popular models such as the Plymouth Reliant and Dodge Aries. He also guided Chrysler in acquiring the American Motors Corporation and its profitable Jeep division. Iacocca retired as president and CEO of Chrysler in 1992.
In addition to his work in the automotive industry, Iacocca was involved in various other business ventures. He joined the board of MGM Grand and founded the food brand Olivio Premium Products. He also established his own company specializing in electric bikes and served as the head of EV Global Motors.
Personal Life
Iacocca was married three times. His first wife, Mary McCleary, passed away in 1983 from complications related to type 1 diabetes. He later had a brief marriage to Peggy Johnson, which was annulled. His third and final wife was Darrien Earle, whom he divorced in 1994. Iacocca passed away on July 2, 2019, at the age of 94, from complications of Parkinson’s disease.
Net Worth Over Time
Lee Iacocca had a net worth of $150 million at the time of his death in 2019. His wealth accumulated throughout his successful career in the automotive industry, particularly during his time at Ford and Chrysler. Iacocca was one of the first CEOs to take a symbolic $1 salary in exchange for higher equity compensation. He also earned substantial income from his book sales and various business endeavors outside of the automobile world.
Components of Net Worth
Iacocca’s net worth consisted of various assets and investments accumulated over his lifetime. These include his ownership stakes in Ford and Chrysler during his tenure as a top executive, as well as stock options and other equity compensation. In addition, Iacocca derived income from his book royalties, board memberships, and his own business ventures. It is important to note that his net worth also took into account any liabilities, debts, and taxes he may have had at the time of his death.
Overall, Lee Iacocca was a highly successful businessman and philanthropist who made significant contributions to the automotive industry. With his strategic leadership and innovative thinking, he played a crucial role in the success of both Ford and Chrysler. His net worth of $150 million was a reflection of his accomplishments and financial achievements throughout his career.